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Prepare statement of owner equity for year ended december

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Reference no: EM132490092

The following additional information was made available at December 31, 2018:

a) insurance of $1,600,000 was paid on January 1, 2018 for the period January 2018 to April 2019.

b) The company building has an estimated life of (10) years and is being depreciated on the straight-line method of depreciation, down to a residual value of $0.

c) The fixtures and fittings are being depreciated over (10) years on the double-declining method of depreciation, down to a residue of $128,849.

d) Wages earned by the company's employees and not paid at December 31, 2018 amounted to $130,000.

e) A physical count of inventory at December 31, 2018, reveals $405,000 worth of inventory on hand.

f) the aging of the accounts receivable schedule at December 31, 2018 indicated that the estimated uncollectible on accounts receivable is $120,000.

Questions:

Question 1) Prepare the necessary adjusting entries on December 31, 2018.

Question 2) Prepare Multiple-step Income Statement for the year ended December 31, 2018.

Question 3) Prepare Statement of Owner's Equity for the year ended December 31, 2018.

Question 4) Prepare classified Balance Sheet at December 31, 2018.

Question 5) Prepare the closing entries.

Question 6) Prepare the post-closing trial balance

Attachment:- owner equity.zip

Reference no: EM132490092

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